In continued fear-mongering, the new claim is the Social Security to run dry by 2033 [View all]

WASHINGTON (Reuters) - The government's retirement benefits programs will run out of money three years earlier than previously thought, its trustees said on Monday, increasing the pressure on lawmakers to reform the federal safety net for millions of Americans.

The trustees said the Social Security fund for retirees will become insolvent in 2033. But it said the Medicare funds will run out in 2024, the same forecast as last year.

The trustees said a key factor in revising the Social Security estimate was the view that Americans' average real earnings were likely to grow more slowly than previously thought, thus crimping revenues from taxes that finance the fund.

"Lawmakers should address the financial challenges facing Social Security and Medicare as soon as possible," the trustees' annual report said. "Taking action sooner rather than later will leave more options and more time available to phase in changes so that the public has adequate time to prepare," it said.